Whistleblowers Can Report Cases Through Attorneys

Financial regulation served as the only solution to control violations of the federal securities laws after the long and severe recession of the U.S. economy. This saw the Congress enact the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. This Act was the most effective amendment passed since the Great Depression. The enacted Protection Act established many significant reforms. One of the crucial reforms is a program that offered employment security and monetary protection to employees responsible for monitoring those who break the federal securities laws and report them to Securities Exchange Commission (SEC).

Labaton Sucharow, led by Jordan A. Thomas, became the first law firm in the U.S. to establish a practice specifically designed to protect and support whistleblowers. Jordan is a former assistant director as well as assistant chief litigation counsel at SEC. He served in the division of enforcement. The whistleblowers team includes trained financial analysts, investigators and experienced forensic accountants with vast knowledge in federal and state law enforcement. Jordan played a pivotal role in developing the newly enacted law. He also contributed in writing the draft of the proposed legislation and establishing the rules.

The new rules stated that whistleblowers were required to be paid 10-30% of the finances collected after a successful SEC enforcement action involving cases where finances exceed $1 million. In relation to other law enforcement organizations, whistle blowers may also receive additional awards depending on the monetary sanctions acquired. In addition, the Protection Act protects whistleblowers against retaliation by their employers. This was made possible by allowing the whistleblowers to be represented by an attorney.

Since whistleblowers are regarded as disloyal by the society, they fear to report securities violations to avoid retaliation or social stigma. The Dodd-Frank Protection Act allows whistleblowers to report cases anonymously through attorneys who are required to provide a signed copy of their counsel. Before presenting the case to the SEC, an attorney has to check and clarify the report of the whistleblower. The attorney also recommends the highest possible financial awards if the submitted case is successful. Whistleblowers are required to disclose their identity to the Securities Exchange Commission before receiving the money.

For more information about anonymous reporting, eligible whistleblowers can contact the SEC Whistleblower advocate team on their website, http://www.secwhistlebloweradvocate.com. They may also use mail, phone or electronic submissions. Initial consultations are free and whistleblowers are advised to keep their identities discrete. Language translation services are also available for international whistleblowers. This information was originally mentioned on SEC Whistleblower’s advocate as explained in the following link http://www.secwhistlebloweradvocate.com/program/program-overview